Brokerages Set Cadence Bank (NYSE:CADE) PT at $34.46

Cadence Bank (NYSE:CADE) has been given an average rating of “Moderate Buy” by the twelve analysts that are currently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $34.63.

A number of research firms recently issued reports on CADE. Stephens reiterated an “overweight” rating and issued a $35.00 target price on shares of Cadence Bank in a research note on Tuesday, July 23rd. DA Davidson lifted their price objective on Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group cut their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and raised their target price for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Finally, Truist Financial cut their price target on Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a report on Friday, September 20th.

Institutional Trading of Cadence Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CADE. GAMMA Investing LLC boosted its holdings in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares in the last quarter. Rise Advisors LLC acquired a new stake in Cadence Bank in the 1st quarter valued at $34,000. Innealta Capital LLC bought a new stake in Cadence Bank in the second quarter valued at $138,000. Argent Advisors Inc. acquired a new position in Cadence Bank during the first quarter worth $204,000. Finally, Lavaca Capital LLC bought a new position in shares of Cadence Bank during the first quarter valued at $207,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Down 1.1 %

CADE stock opened at $31.28 on Monday. The company has a market cap of $5.70 billion, a price-to-earnings ratio of 9.99 and a beta of 0.97. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average of $31.35 and a two-hundred day moving average of $29.40.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. During the same quarter in the previous year, the firm earned $0.64 earnings per share. On average, equities analysts anticipate that Cadence Bank will post 2.55 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Friday, September 13th. Cadence Bank’s payout ratio is 31.95%.

About Cadence Bank

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.